Cytokinetics (NASDAQ:CYTK) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

by · The Markets Daily

Cytokinetics (NASDAQ:CYTK – Get Free Report) announced its earnings results on Tuesday. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02), Zacks reports.

Cytokinetics Stock Performance

Shares of Cytokinetics stock traded up $1.84 during trading on Tuesday, reaching $70.10. 1,938,392 shares of the company’s stock were exchanged, compared to its average volume of 1,734,592. Cytokinetics has a 1-year low of $29.31 and a 1-year high of $70.98. The company has a market cap of $8.57 billion, a P/E ratio of -11.14 and a beta of 0.54. The firm’s 50-day moving average price is $63.98 and its 200 day moving average price is $58.07.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CYTK shares. Citizens Jmp upped their price target on shares of Cytokinetics from $78.00 to $88.00 and gave the company a “market outperform” rating in a research note on Monday, December 22nd. Truist Financial boosted their price objective on shares of Cytokinetics from $84.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, February 3rd. Barclays assumed coverage on shares of Cytokinetics in a report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 target price on the stock. Needham & Company LLC boosted their price target on Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Finally, UBS Group reissued a “neutral” rating and set a $61.00 price target on shares of Cytokinetics in a research report on Monday, December 1st. Sixteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $88.28.

View Our Latest Report on Cytokinetics

Insider Transactions at Cytokinetics

In related news, EVP Andrew Callos sold 52,486 shares of Cytokinetics stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $65.95, for a total transaction of $3,461,451.70. Following the sale, the executive vice president directly owned 50,660 shares of the company’s stock, valued at approximately $3,341,027. The trade was a 50.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,200 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total transaction of $134,728.00. Following the transaction, the executive vice president owned 138,552 shares of the company’s stock, valued at approximately $8,484,924.48. This represents a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 151,385 shares of company stock valued at $9,817,158. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. boosted its position in Cytokinetics by 76.5% during the 4th quarter. Pacer Advisors Inc. now owns 27,783 shares of the biopharmaceutical company’s stock worth $1,765,000 after buying an additional 12,043 shares during the period. Invesco Ltd. lifted its holdings in shares of Cytokinetics by 30.3% during the fourth quarter. Invesco Ltd. now owns 204,878 shares of the biopharmaceutical company’s stock worth $13,018,000 after purchasing an additional 47,629 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of Cytokinetics by 527.1% during the fourth quarter. Corient Private Wealth LLC now owns 30,184 shares of the biopharmaceutical company’s stock worth $1,918,000 after purchasing an additional 25,371 shares during the period. Creek Drive Management Group LLC bought a new stake in shares of Cytokinetics in the fourth quarter worth $635,000. Finally, Vident Advisory LLC increased its holdings in Cytokinetics by 1.4% in the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock valued at $1,046,000 after purchasing an additional 234 shares during the period.

Cytokinetics Company Profile

(Get Free Report)

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.

See Also